“The cybercriminals lure individuals through part-time job scams, task-based frauds, and promises of high returns on initial investments. Funds deposited by the victims are quickly transferred through a network of ‘mule accounts’ and layered to obscure their origins,” he added.These funds are eventually withdrawn overseas via ATMs or used for wallet top-ups on fintech platforms such as ‘Pyypl’, facilitated by international payment networks often disguised as POS transactions, the official said.“Analysis of 3,903 complaints registered on the National Cybercrime Reporting Portal between January 1, 2023, and October 17, 2023, revealed that the fraudsters siphoned off approximately `117 crore. These funds were withdrawn primarily in Dubai and other UAE locations. Investigations identified 3,295 Indian bank accounts involved in these fraudulent transactions. Funds routed through these accounts were also used to purchase cryptocurrencies,” the official said.
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